cancel
Showing results for 
Search instead for 
Did you mean: 

Do I Qualify for PenFed or Navy

StartFr3sh
Valued Member

Do I Qualify for PenFed or Navy

Credit Score: 661 EQ9  | 614 TU8 

 

AAoA: 6 years

 

# of positive trade lines:  5

 

# of negative trade lines: 1 (60 day late with Comenity in 2020 in March/April, been $0 balance since I caught it. Wrote GW letter last week)

 

Income: $98k

 

Lenght of Employment: 13years

 

Previous Loan Experience: Multiple Wells Fargo loans but in a settlement they cut a check and deleted all CB info. So this will technically be my 1st Auto loan. I have a $4500 personal loan open now with flawless payment history, balance is $2843. Thinking about paying an additional $185, heard under 60% gives you a score bump.

 

Debt-to-Income (DTI): 4%

 

Year of Car: 2017

 

Miles: 32,246

 

Purchase/Refinance: Purchase $46,200.00

 

Requested loan term (XX Months): 72

 

Down payment amount: $4620.00

 

Co-borrower/Co-Signer: No

 

Other: Have a phantom Collection for $75 on my EQ

Starting Score: EQ658 TU614 EX620 as of 3/21
Current Score: EQ679 TU663 EX627 (4/21)
Goal Score: 700


Take the myFICO Fitness Challenge
14 REPLIES 14
Loquat
Moderator

Re: Do I Qualify for PenFed or Navy

Even with the blemishes I don't think it'll be hard for you to get approved. It looks like you're planning to put 10% down which is a good deal. The less risk the bank takes on the easier the approval.

PenFed has been pretty decent in my experience and I've had several auto loans with them and my most recent is less than a month ago as I needed to replace a vehicle that was deemed a total loss due to an accident.

If you can do anything to increase your score before applying then by all means I think you should as it'll help lower your interest rate.

If you don't have time to wait and need to act now, I can see you getting approved with PenFed as long as the numbers line up.

If you don't mind me asking, what vehicle is it that you're seeking? As I've said a many of times and will say it once more, a good down payment can overcome a multitude of financial sins when it comes to auto loans.
Message 2 of 15
StartFr3sh
Valued Member

Re: Do I Qualify for PenFed or Navy


@Loquat wrote:
Even with the blemishes I don't think it'll be hard for you to get approved. It looks like you're planning to put 10% down which is a good deal. The less risk the bank takes on the easier the approval.

PenFed has been pretty decent in my experience and I've had several auto loans with them and my most recent is less than a month ago as I needed to replace a vehicle that was deemed a total loss due to an accident.

If you can do anything to increase your score before applying then by all means I think you should as it'll help lower your interest rate.

If you don't have time to wait and need to act now, I can see you getting approved with PenFed as long as the numbers line up.

If you don't mind me asking, what vehicle is it that you're seeking? As I've said a many of times and will say it once more, a good down payment can overcome a multitude of financial sins when it comes to auto loans.

Thanks for the info, I have heard great things about Navy but it kinda broke my heart when I saw them switch to TU. It's a CPO Audi A8, other than the weird pinstripe (definitely getting that removed) it was love at 1st sight.

 

I have zero'd out all my cards, I have a LOC that I paid down to 25%, and a small installment that I paid down under 60% (I read that's a point threshold). Everything should update by the 5th, and I have my fingers crossed about this GW to Comenity. I have faith it will still be there *types with crossed fingers*.

 

*** The price includes tax, tags, title and $1800 of negative equity, but I'm pretty sure I can get them to eat the whole thing. So I may not need that entire amount ***

Starting Score: EQ658 TU614 EX620 as of 3/21
Current Score: EQ679 TU663 EX627 (4/21)
Goal Score: 700


Take the myFICO Fitness Challenge
Message 3 of 15
4sallypat
Frequent Contributor

Re: Do I Qualify for PenFed or Navy

If you have an account with either FCU, I would call and ask for a SP which they can do and tell you if you are pre-qualified.

I have an offer for the PenFed Plat card but still a bit spooked after my recent Chase denial...

 

BTW If the A8 is a CPO, there is usually more wiggle room to negotiate since the dealer marks up the car more...

 

I am trying to get a CPO Q7 but it's tough due to the inflated used car market (seller's market)....

Message 4 of 15
StartFr3sh
Valued Member

Re: Do I Qualify for PenFed or Navy


@4sallypat wrote:

If you have an account with either FCU, I would call and ask for a SP which they can do and tell you if you are pre-qualified.

I have an offer for the PenFed Plat card but still a bit spooked after my recent Chase denial...

 

BTW If the A8 is a CPO, there is usually more wiggle room to negotiate since the dealer marks up the car more...

 

I am trying to get a CPO Q7 but it's tough due to the inflated used car market (seller's market)....


Thanks I didn't know they would do a SP, I will call in today.

 

And I had a brain fart this morning the price is actually $42,600 to drive off not $46,200.

Starting Score: EQ658 TU614 EX620 as of 3/21
Current Score: EQ679 TU663 EX627 (4/21)
Goal Score: 700


Take the myFICO Fitness Challenge
Message 5 of 15
4sallypat
Frequent Contributor

Re: Do I Qualify for PenFed or Navy

PenFed does a soft pull to see if you qualify for a credit card so that's how I know.

 

Is the A8 a CPO from an Audi dealer ?

Any price negotiations on it ?

Message 6 of 15
StartFr3sh
Valued Member

Re: Do I Qualify for PenFed or Navy


@4sallypat wrote:

PenFed does a soft pull to see if you qualify for a credit card so that's how I know.

 

Is the A8 a CPO from an Audi dealer ?

Any price negotiations on it ?


Ok that's great to know, I love this place lol

 

I haven't engaged with them yet, I want to have everything lined up first. Yes, it is an Audi dealership, according to CarGurus it has been sitting for 70 days so I'm thinking I can walk out a few $$$ less than asking.

 

 

 

Starting Score: EQ658 TU614 EX620 as of 3/21
Current Score: EQ679 TU663 EX627 (4/21)
Goal Score: 700


Take the myFICO Fitness Challenge
Message 7 of 15
Destiny2021
New Member

Re: Do I Qualify for PenFed or Navy

I can personally say Yes from experience. I literally just got approved for a 20k Platinum Visa a week ago and my overall profile is almost identical to yours. I did have my Navy Federal account open for 2 months before applying that is about the only difference and your Transunion is 10 points higher than mine.

Message 8 of 15
StartFr3sh
Valued Member

Re: Do I Qualify for PenFed or Navy


@Destiny2021 wrote:

I can personally say Yes from experience. I literally just got approved for a 20k Platinum Visa a week ago and my overall profile is almost identical to yours. I did have my Navy Federal account open for 2 months before applying that is about the only difference and your Transunion is 10 points higher than mine.


WOW! Congrats on the approval. That definitely gives me more confidence to apply.

Starting Score: EQ658 TU614 EX620 as of 3/21
Current Score: EQ679 TU663 EX627 (4/21)
Goal Score: 700


Take the myFICO Fitness Challenge
Message 9 of 15
ImTheDevil
Community Leader
Super Contributor

Re: Do I Qualify for PenFed or Navy

Off topic a bit here - will this be your first Audi? If so, you're in for a treat Smiley Happy If not, then you already know that. I got my first one (99 A4) in 2006 and have loved the brand since. I picked up a 2017 A6 last year and it's a terrific car. I've driven the 8 as well and it's an amazing car. Just be proactive with your maintenance and don't let things go. My cost of ownership is a lot lower than many because I turn all my own wrenches, but if you don't do that, it can get costly when you're out of warranty. Identifying an independent Euro shop in your area can be a godsend. 

Please post up (with pics!) once you get it Smiley Happy



Platinum NPSL | Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | FNBO Prime Visa | PenFed PCR | Navy cashRewards | Navy Platinum | Apple | IT Cash | IT Chrome | GHSFCU Visa Plat | Quicksilver | Target | VS | Home Depot | Lowes | Sams MC | Firestone | Overstock | Kohl’s | Key Bank auto loan (2017 Audi A6 Premium Plus S-Line)





Message 10 of 15
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.